The euro has been under pressure since the ECB late last month signalled additional easing. EUR/CHF price action is contained within the cloud and series of resistance caps upside.
EUR/CHF is currently trading at 1.0817, with strong resistance seen at 1.0850/55 (Tenkan & 21 DMA). Intraday recovery attempts in EUR/CHF are limited, pair could fall back to trendline support at 1.0787.
We recommend going short on rallies around 1.0830, placing stops at 1. 0870, TP: 1.0770
Resistance Levels:
R1: 1.0850 (Tenkan-Sen)
R2: 1.0855 (21 DMA)
R3: 1.0867 (Daily High Nov 4)
Support Levels:
S1: 1.0784 (30 DMA Lower Bollinger)
S2: 1.0782 (Daily Low Nov 4)
S3: 1.0761 (Daily Cloud Base)
